The Ministry of Petroleum Resources (MPR) awarded the Oil Prospecting License (OPL) 246 to South Atlantic (SAPETRO) on February 22, 1998 for 20 years. The block covers a total area of 2,590km˛ (1,000 sq. miles) and lies 120-160km due South of Port Harcourt, in water depths of about 1,100m – 1,800m.
SAPETRO has Miguel Guerrero, Joy Ikiebe and Guerrrero as directors with T.Y. Danjuma as chairman.